An article on Climate Home News sheds light on incoherencies between government statements and actions. The UK, France, Canada and Ireland formally recognized a climate crisis, and yet analysis shows that these countries give USD$27.5 billion annually in support for coal, oil and gas.
According to data from the Overseas Development Institute, the UK spent an annual average of USD$11 billion in fossil fuel subsidies between 2015 and 2016, France spent USD$8.02 billion, Canada spent USD$7.73 billion and OECD data estimated that Ireland’s fiscal support for all fossil fuels reached an annual average of USD$828 million during that same period.
A study from 2018 tracked the phase-out of fiscal support and public finance for oil, gas and coal in the G7. They found that, despite having pledged to end fossil fuel subsidies, the countries from the G7 provided, between 2015 and 2016, at least USD$100 billion annually in government support for production and consumption of oil, gas and coal, both at home and abroad. The subsidies were composed of USD$81 billion in fiscal support through either direct spending or tax breaks, and USD$20 billion in public finance on average per year.
Access the article from climate change news through this link.
Access the 2018 study on the G7 fossil fuel subsidy scorecard, through this link.
